The following is an article from the Kingma Daily Miner and appeared on 7/14/10:

KINGMAN - A pair of homebuyer tax credits has continued to buoy the Kingman area housing market, despite the credits themselves having already expired.

According to numbers compiled by the Kingman/Golden Valley Association of Realtors, May continued a three-month streak of strong sales numbers for single-family homes in and around the Kingman area, easily outpacing last year's sales numbers for the same period.

Realtors sold 94 single-family homes in May, down slightly from April's total of 105 but still outpacing nearly every month since the start of the housing crunch in mid-2007. April's total remains the highest monthly total for single-family home sales since March of 2006.

With 407 homes sold since January, 2010 appears on-course to exceed 2009's total of 881, which in turn exceeded each of the previous years' total sales. For the past two months, average sale prices have also begun to slowly crawl back up from their March low point, when the average home sold for under $98,000. That number improved to $104,424 in April and $107,824 in May - still less than half the average price at the housing market's peak, but a welcome reversal nonetheless.

For the sixth month straight, existing home inventories have also continued to drop, falling to their lowest levels since 2006. The month of May ended with just 492 homes on the market, down 56 percent from the August 2006, when the market peaked with 1,132 homes for sale.

According to KGVAR President Kathleen Murray, much of the housing market's recent success can be attributed to a pair of federal tax credits for first-time and existing homebuyers. While both tax credits technically expired at the end of April, Murray said their effect will continue to be felt for at least the next two months, since houses purchased under the program don't actually have to close on the deal until June 30.

For that reason, Murray said it's still too early to tell whether or not the boost in sales will continue through the end of the year or will fall back to earlier levels.

"We're not going to know until after June," she said. "What happened in May and June as far as sales won't actually close until July. But is everyone busy? Yeah."

But Murray said she was optimistic that Kingman's housing market would be able to stand on its own two feet once the incentive programs have finally petered out. That's because she said the tax credits have not been the only things driving the jump in sales.

"Price is low, lower than it's been in years, and the interest rates are still under 5 percent," she said. "So that's still helping to drive the market."

She added that, despite the area's continued high unemployment, those purchasing homes have not fallen into any one clear demographic group. While some homes are still being purchased by retirees looking for a place to spend their golden years,
many others are being sought by younger families who have been looking to move up, but couldn't afford to do so until now.

Murray added that some investors are still trickling in as well, looking for homes they can fix up and rent out.

"People who could not afford the pricing two years ago, people buying to invest in real estate for rentals, retirees - it's been all age groups," she said. "There are still people moving to our area from out of state that find the value here to be amazing, so we're seeing the whole gamut."

The following article was printed in the Kingman Daily Miner on Sunday June 13th...The sale of this property was handled by none other than your very own Team Patterson...

KINGMAN - A new company is coming to town. Karnak Corporation has purchased a nearly 5-acre property with a building suitable for
warehousing and manufacturing on Interstate Way in the Kingman Airport and Industrial Park. The New Jersey-based and family owned company manufactures roof coatings, roof cements and sealants, reinforcing fabrics and waterproofing materials.

Karnak also has plants in Chicago and Fort Lauderdale, Fla.

"It was the logistics that drew us to Kingman," said Karnak National Sales Manager John McDermott. "This is a good point to service our markets in the western corridor,"

The company was also impressed with the friendly nature of Arizona toward businesses and the good labor force it found in Kingman.

The Kingman operation will start with manufacturing the white roof coatings,which are in high demand in the Southwest and then expand in the future to include other products, said Vice President of Operations Frederick Mansfield. The company may even use the plant to develop or test new products that meet the California air quality standards for building materials, Mansfield said.

Most of the plant will be automated with user-friendly machines, Mansfield said. The company plans to use the Kingman location as a warehouse for its products starting sometime this fall with three or four employees. Once it purchases and installs the new equipment to manufacture the white roof coating it will hire up to six additional employees, he said. When the plant starts to expand in the next three to five years to include other products, it will add 20 to 30 more employees, Mansfield said.

"We need more businesses like this," said Dwayne Patterson of ReMax Prestige Properties of Kingman, who sold the property to Karnak.

Here is a great article from REALTY TIMES. The full article can be read at www.realtytimes.com.

What is a home warranty?

A home warranty is a residential service contract giving the homeowner repair and replacement coverage for major operating systems and appliances in a home. These repairs must be due to wear and tear, and not negligence or damage.

How can you benefit from a home warranty?

Repairs to homes are inevitable. And while homeowners cross their fingers in hopes that these repairs are relatively inexpensive, what if an entire system needs replaced, and you are left staring at a bill with a few too many zeros? A home warranty can offer you some level of protection.

Your home warranty plan also provides you with a selected network of professionals from which to choose. Many homeowners prefer having a list to choose from instead of taking a guess at which repair company will be reliable.

According to the Service Contract Industry Council (SCIC), a home warranty, also called a home service contract, offers many benefits to buyers and sellers, including: 

• Repair or replacement coverage of most major appliances and home systems including heating, plumbing, and electrical;
• Toll-free access to technical support and prequalified repair professionals;
• Comfort for new owners and protection for sellers while their property is on the market;
• Optional coverage for structural components such as roofs; recreational equipment such as swimming pools; etc.
• Ability to transfer the contract from homeowner to buyer.

What are the average costs of a home warranty? MSN Money says you will be looking to spend somewhere from $250 to $600. And then expect to spend from $25 to $75 for each service visit.

What isn't covered?

According to The Home Warranty Review, you should make sure you get any repairs approved by your warranty company prior to calling a repair company. This will help to ensure you are reimbursed. Keep in mind that pre-existing conditions, improperly installed or mismatched equipment, and poorly maintained systems are not usually covered.

Warranties also do not cover "acts of God." This means the pet damage, the graffiti, and the lightning strike are your own responsibility.

Keep in mind, as well, that items "outside the perimeter" of your home may also be off limits. The Review writes, "Some people are surprised to learn that the plumbing leak in the yard is not covered."

As a Kingman, AZ REALTOR, I highly recommend a home warranty to cover unexpected expenses. The cost, normally anywhere from $250 to $400, depending on the options, is a drop in the bucket, considering a new cooling unit maybe $4000. The older the home, the higher the risk.

The following article appeared recently in the Kingman Daily Miner...

KINGMAN - Parts of Rhodes Homes properties in Mohave County,
including more than 1,300 acres of the 5,700-acre master planned
community Pravada, will hit the auction block in September.

Colliers International of Nevada has put out a request for bids on the Pravada
property, four model homes, five unfinished homes and nine additional
parcels within five miles of the Pravada community.

According to information from Colliers, a minimum bid on the property is $1.4
million, which includes the more than $1.2 million purchase price and a
$200,000 minimum overbid increment. Each bidder must also show that they
can post a replacement bond for the project and show that they already
have financing in place to purchase the property.

The deadline to post a bid on the property is 4 p.m. Pacific Standard Time
on Aug. 30. If a bid is received before the deadline, then Colliers will
auction off the property for a better price on Sept. 7.

Pravada was supposed to be a 33,000-home master planned community that would
use more than 12,000 acre-feet of water. Rhodes Homes ran into trouble
with the project when the Arizona Corporation Commission questioned its
application for a certificate of convenience and necessity (CC&N)
for the community's wastewater and water treatment plants. Especially
after Clark County, Nev. County Commissioner Erin Kenny testified in
court that Jim Rhodes, the owner of Rhodes Homes, paid her to be a
consultant after she left office for his projects in Nevada.

After several years of battling with the ACC over whether Rhodes Homes was a
fit and proper company to run the two plants, Rhodes Homes sold its
shares in the plants to Utilities, Inc. The ACC eventually approved
Utilities, Inc.'s application for a CC&N.

Rhodes Homes also ran into trouble when it tried to purchase several plots of
land owned by the city of Kingman that were surrounded by the Pravada
property. The city was forced to place the properties up for bid twice
after questions were raised about the first bidding offer. During the
first bid offer on the property, several bidders alleged that Rhodes
Homes turned in and the city accepted a bid from the company after the
deadline for accepting bids had passed.

Rhodes Homes filed for Chapter 11 bankruptcy in April 2009, in order to protect
32 individual companies owned by Rhodes, the master planned communities
Rhodes Ranch and Tuscany in Las Vegas, and parts of Pravada in Golden
Valley from Credit Suisse.

Rhodes Homes used the two master planned communities as collateral for a $500 million
credit facility in November 2005 that was funded by Credit Suisse,
Highland Capital, General Electric Investment Corporation, Cypresstree
Investment Management and Sorin Capital Management. Parts of Rhodes
Homes' Las Vegas properties and other companies are already in the
process of being sold.

For more information on the sale of the property, visit www.rhodesarizonaassets.com.